Pune, India, March 06, 2023 (GLOBE NEWSWIRE) -- The growing need for serverless computing to reduce complexity and infrastructure costs is expected to drive the global serverless computing market during the forecast period, states Fortune Business Insights, in a report, titled “Serverless Computing Market Size, Share & Industry Analysis, By Services (Monitoring Services, API Management Services, Integration Services, Security, Support and Maintenance, Others), By Deployment (Public Cloud, Private Cloud), By Enterprise Size (Large Enterprises, Small & Medium Enterprises (SMEs), Start-up Firms) , By Industry (BFSI, It and Telecom, Retail, Healthcare)and Regional Forecast, 2023-2030” The rising emphasis to reduce servers is expected to aid the expansion of the market.
Serverless computing is an emerging trend in the technology industry, where cloud computing providers manage the infrastructure and automatically allocate resources to execute code without the need for server management. This type of computing allows developers to focus solely on the application logic and not worry about the underlying infrastructure.
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List of the Key Companies in the Serverless Computing Market:
- Microsoft Corporation
- Amazon Web Services, Inc.
- Google LLC.
- Firebase
- Alibaba Group
- IBM Corporation
- Oracle Corporation
- Platform9 Systems, Inc.
- Rackspace Inc.
Market Drivers & Restraints:
Rising Popularity of Serverless Computing to Boost Market
The growing implementation of cloud-based microservice architecture is expected to aid the growth of the market during the forecast period. The shift from the server model to the on-premise serverless computing model is expected to promote the growth of the market. The growing knowledge about the benefits of serverless computing such as reduced setup and maintenance cost is likely to enable speedy expansion of the market. The rapid adoption of serverless computing for effective database management and server support is expected to further spur opportunities for the market in the foreseeable future. The built-in scalability of serverless computing is expected to incite its deployment, thus aiding the market.
Technological advancements to reduce operational time in serverless computing are expected to foster the healthy growth of the market. Moreover, serverless computing has capabilities to eliminate infrastructure management tasks, reduce operating system maintenance costs, and encourage capacity provisioning and patching. Besides, the rising focus of companies towards serverless infrastructure is likely to offer lucrative opportunities for the market.
However, security-related issues associated with serverless computing is expected to dampen the growth of the market during the forecast period.
Covid- 19 Impact:
The occurrence of coronavirus has caused enormous damage to various businesses across the world. We understand that this health emergency has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. There are some industries that are struggling and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.
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The report on the serverless computing market features:
- Outstanding insights into the market
- All-encompassing facts and figures
- Latest industry development
- Information about the prominent players
- Dominating regions in the market
Regional Insights:
Rapid Technological Advancement to Favor Growth in North America
The market in North America is expected to grow exponentially owing to the rapid technological advancement in the region. The presence of a large server user base in industries such as IT & Telecom, BFSI, retail, healthcare, and, manufacturing is expected to support the growth of the market in the region. Europe is expected to hold a significant share owing to the growing adoption of cloud-based services in the U.K., Germany, France. The rising digitalization is expected to create opportunities for the market.
Asia Pacific is expected to witness a high growth rate owing to the emergence of many small, medium enterprises in the region. The Middle East and Africa are expected to hold a considerable share owing to the rising awareness about serverless computers.
Segmentation of Report:
The serverless computing market can be analyzed based on various factors such as services, deployment, enterprise size, and industry.
In terms of services, the market can be segmented into monitoring services, API management services, integration services, security, support and maintenance, and others. Monitoring services help track the performance of serverless applications, while API management services provide tools to manage APIs used in serverless applications. Integration services allow for the integration of serverless functions with other applications, while security services ensure the security of serverless applications. Support and maintenance services provide assistance to developers using serverless computing services, and other services include consulting and training.
Based on deployment, the market can be categorized into public cloud and private cloud. Public cloud deployment refers to serverless computing services offered by cloud providers to the public, while private cloud deployment involves the use of serverless computing services within a private network.
Enterprise size is another factor that can be used to analyze the serverless computing market, with the market being segmented into large enterprises, small and medium enterprises (SMEs), and start-up firms. Large enterprises typically have more complex serverless computing requirements and require more sophisticated solutions, while SMEs and start-ups may have more limited computing needs.
Finally, the serverless computing market can be analyzed based on industry, with major sectors including banking, financial services, and insurance (BFSI), information technology and telecommunications (IT and telecom), retail, and healthcare. Each industry may have specific serverless computing requirements based on their unique needs and challenges.
Key Development:
Google LLC introduced a new version of cloud function for Firebase SDK to enhance functions of debugging, implementation, and management in applications.
Pivotal Software, Inc. unveiled a new serverless computing product, named Pivotal Function Service.
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